Oil Price Occidental Petroleum hopes it will have closed its $12-billion planned acquisition of Permian oil and gas producer CrownRock by the next quarterly earnings report at some point in August 2024, Oxy’s chief executive Vicki Hollub said on the Q1 call with analysts. At the end of last year, Oxy said it would buy CrownRock for cash and stock in a deal valued
Yahoo Finance Occidental Petroleum is exploring a sale of Western Midstream Partners, a U.S. natural gas-focused pipeline operator that has a market value of close to $20 billion, including debt, according to people familiar with the matter. Western Midstream shares rose 10% to $32.12 in afternoon trading in New York on Tuesday. The divestment would help Occidental, which is backed
Oil Price Occidental Petroleum reported its strongest quarterly financial results in three years for the final three months of 2023, beating analyst expectations. Net income attributable to shareholders came in at $1 billion for the period, which translated into $1.08 per diluted share. Adjusted earnings attributable to common shareholders came in at $710 million, or $0.74 per share. “Our teams performed exceptionally
Nasdaq DAVOS, Switzerland – The oil market could be heading for a supply crunch from 2025 onwards as oil exploration fails to keep pace with demand, Occidental Petroleum Chief Executive Vicki Hollub said on Tuesday. Hollub, who spoke on the sidelines of the World Economic Forum in Davos, said U.S. WTI crude prices could trade in the $80-$85 a barrel range
World Oil (Bloomberg) — Occidental Petroleum Corp. agreed to acquire Texas shale driller CrownRock LP in a cash-and-stock deal valued at about $10.8 billion as consolidation heats up in North America’s most-prolific oil basin. The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals, Occidental said Monday in a statement. The company has lined
World Oil (Bloomberg) – Oil tycoon Tim Dunn has spent millions to try to influence Texas to lean toward his conservative politics. Now, as he considers bids for his drilling company that’s said to be valued at more than $10 billion amid a merger-mania in the shale patch, Dunn is poised for a windfall that could dramatically boost his giving – and
Oil Price Berkshire Hathaway (BRKA: BRKB) has expanded its stake in Occidental Petroleum (OXY) with a purchase of another 3.9 million shares this week, according to a Securities and Exchange Commission regulatory filing. Warren Buffet’s holding company now owns 25.8% of the Houston-based oil company, for a value of more than $14 billion, after purchasing 1,686,368 shares at a weighted
World Oil (Bloomberg) – Occidental Petroleum Corp. plans to keep its production steady even as oil prices have surged in recent weeks above $90 a barrel. “We don’t increase oil significantly in a market where we don’t see the balance,” Occidental Chief Executive Officer Vicki Hollub said during an interview with Bloomberg Television. “Only in a market where we see balance
World Oil In something of a reversal in trends, Occidental Petroleum has started buying back preferred stock it transferred to Warren Buffett’s Berkshire Hathaway in exchange for its financial backing for the Anadarko takeover. The news comes just as Buffett said earlier this week he was not seeking to take control of the oil and gas major. “We don’t know where the
Oil Price Warren Buffett’s Berkshire Hathaway will not be seeking full control of Occidental Petroleum (NYSE:OXY) despite having amassed a stake of over 23%, the Omaha investor said at Berkshire’s annual shareholder meeting this weekend. Shares in Oxy dropped in pre-market trade in New York on Monday after Buffett rebuffed speculation that he would seek control of the oil company. “We don’t
Oil Price Berkshire Hathaway, the investment vehicle of Warren Buffett, has bought another batch of shares in Occidental Petroleum, pushing its total stake to 23.1 percent. Citing a regulatory filing, Reuters reported the investment company had bought 7.9 million shares in Occidental, paying $466.68 million for them. Earlier this month, Berkshire again bought Oxy stock, at around 5.8 million shares, for which it
CNBC Warren Buffett’s Berkshire Hathaway added to its already large Occidental Petroleum stake over the past trading sessions, a regulatory filing revealed Tuesday evening. The Omaha, Nebraska-based conglomerate bought nearly 5.8 million shares of the oil company in a few separate trades on Friday, Monday and Tuesday, paying prices in a range from $59.85 to $61.90, the filing showed. The latest purchase, totaling more than
